Anna Howard Rehab Deal

 

Anna Howard Rehab Deal

A Plus Real Estate Solutions, LLC in Matthews, NC
Anna Howard with Anna and David Howard

Located in a very popular neighborhood in Charlotte, NC, this 1578 sq ft, 3 bed/2 bath home built in 1963 had once been a home for family, but was now in distress. Found through direct marketing, this home had been vacant for four years and was in need of redesign and some major tender loving care. No details were overlooked in this renovation, starting with major structural repairs. Walls were removed to create a more open floor plan. Space was rearranged to create a larger master bath. The renovation tried to stay true to home's original character while adding all of the feature's that today's families require. The renovation took 24 weeks and went under contract in 48 hours of listing at over 16K of the asking price.

Rehab Details

Property City: Charlotte
Property State: NC
Purchase Price: $80,000
Repair Costs $88,268
Sale Price: $265,000

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Case Study

How did you find and structure the financing of this deal?

Financing for this deal came from a combination of Hard Money at 71,500 for purchase price and 20,000 for rehab. and the rest of the 50,000 for rehab was self funded.


Provide a summary of the repairs and improvements you made to the property.

Rehab included: Major cleanup and demo; New roof, windows, electrical and mechanical; Removal of a wall and bay window to reconfigure and open kitchen to dining area; Relocation of a closet to enlarge master bathroom by 30%; Enlargement of doorways to common areas; Rebuild of laundry room and family room due to termite and water damage; Major yard clean-up, clearing, and reseeding.


How did you find a buyer for the property if you sold it?

Marketing took place throughout the process of renovation with a sign in the yard and mailings to residents in the neighborhood. After completion, the home was listed on the MLS, had 12 showings and 6 offers in 48 hours of listing, The home went under contract within 48 hours with an offer over 16K of asking price.


What are some of the major lessons learned that you would like to share with other students that they can learn from?

Major Lessons learned: Watch Cash Flow and Leverage Other's Money. - By borrowing more money for a little more interest, cash flow would not have been so tight. Inspect what You Expect. - Knew there was some structural issues but did not know how extensive termite and water damage was. Cost an extra month of rehab time and about 7K more in expenses. Be Slow to Hire and Quick to Fire - Had to change superintendents in the middle of the job because of issues and held on to a couple of workers that were not the best fit too long. This cost us time and money as well.


Shout Outs & Testimonials

This was our second complete rehab as a Fortune Builders. Thank you Than, Paul, JD, and Conrad for giving us the systems that enabled us to make this project a success. Thank you to our inner circle coach, Robynne Alexander, who challenged us to step out of our comfort zone and take these leaps of faith. Thank you to Dennis Cammack for not giving up on a contractor and real estate agent who are working hard to change their mindset and implement those systems, (just a bit too slow at DOing it!)




Before & After Photos